Mining News

Quebec’s mining reputation rebounds in international mining survey

Quebec is re-establishing itself as one of Canada’s — and one of the world’s — most attractive jurisdictions for mining investment, according to an annual global survey of mining executives released by the Fraser Institute, an independent, non-partisan Canadian policy think-tank.

The Fraser Institute Annual Survey of Mining Companies, 2014, rates 122 jurisdictions around the world based on their geologic attractiveness and the extent to which government policies encourage exploration and investment. In this year’s survey, Quebec jumps up six spots and now ranks as the number three jurisdiction for mining investment in Canada and sixth worldwide.

“Quebec was atop the national and international rankings from 2007 to 2010 but tumbled down the list in recent years as a result of increased red tape, royalty hikes and uncertainty around new regulations,” said Kenneth Green, Fraser Institute senior director of energy and natural resources.

“The confidence mining executives now have in Quebec is due in part to the province’s proactive approach to mining policy and its Plan Nord strategy to encourage investment and mineral exploration in northern Quebec.”

Finland finished first overall in the global rankings while five Canadian jurisdictions finished in the top 10: Saskatchewan (2), Manitoba (4), Quebec (6), Newfoundland and Labrador (8) and Yukon (9).

Two of Canada’s larger jurisdictions — Ontario and British Columbia — didn’t fare as well. Internationally, Ontario now places 23rd and B.C. ranks 28th each disadvantaged by an uncertainty concerning disputed land claims.

“The uncertainty surrounding First Nations consultation and disputed land claims in Ontario and BC is a stark lesson for Quebec. Above all, mining investment is attracted when a jurisdiction can provide a clear and transparent regulatory environment,” Green said.

The survey was conducted between August 26 and November 15, 2014 and includes the responses of 485 mineral exploration and development company executives from around the world. Exploration budgets reported by companies participating in the survey totalled US$2.7 billion in 2014 and US$3.2 billion in 2013.